You can use the table below to see how much you’d be likely to pay for the loan you have in mind. Representative APR 3.5% and total payable £10,539.72 in monthly repayments of £292.77. Representative example: Borrow £10,000.00 over 3 years at a rate of 4.2% p.a. This interest will go to the provision fund. He said: "Ratesetter kindly give us an update each week but they were processing claims from 13 March for several weeks. RateSetter’s repayment schedule. Representative example: Borrow £10,000.00 over 3 years at a rate of 5.8% p.a. reference number: 786446). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35. Representative APR 6.9% and total payable £11,064.60 in monthly repayments of £307.35. Over terms between 6 months and 5 years. checkmyfile credit score, rating and report. Read more: RateSetter withdrawal requests returning to normal levels. Launched in 2010, RateSetter is a peer-to-peer lender offering fast and competitive fixed-rate loans of up to £35,000 online. There are fears that these borrowers may default on their loans in future, should the economic picture continue to worsen. Always consider your own circumstances when you compare products so you get what's right for you. We endeavour to ensure that the information on this site is current and Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. It’s time for the government to back our industry! If you are While we are independent, we may receive compensation from Please review our, You need to be a subscriber to join the conversation. Therefore, lenders should switch off re-lending, and new lenders should currently avoid RateSetter until it restores its interest rates. Investors using one of the country’s biggest peer-to-peer platforms will receive just half of their expected interest for the remainder of the year. The RateSetter Bonus Offer of £100 to new clients effectively boosts the already high interest rates to 14% or more. Creation Financial Services Argos Unsecured Personal Loan. (fixed) with an application fee of £0.00. (fixed). Representative example: Borrow £10,000.00 over 3 years at a rate of 9.9% p.a. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. finder.com is an independent comparison platform and information service Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Plus account-holders will have their interest rates slashed from 3.5 per cent per annum, to 1.75 per cent per annum, to give an effective annual rate of 2.33 per cent across 2020. RateSetter has announced a temporary reduction in its interest rates, in response to the economic uncertainty caused by the coronavirus pandemic. “But our overriding objective is to protect your money and keep it earning a positive return through this environment. Telegraph Money reported last month that the sector was struggling with the early impact of the crisis, with several platforms banning or limiting investor withdrawals. LendingCrowd not reopening to retail investors for…, RateSetter halves interest rates for rest of the year, RateSetter loans offered stable returns during first quarter. We rely on advertising to help fund our award-winning journalism. In his spare time Chris likes forcing his kids to exercise more. We may also receive compensation if you click on certain links posted on our site. If you’re considering applying for a £150,000 personal loan, check out this guide which explains how to compare lenders and find the best deal. The remainder will be placed into the firm’s “provision fund”, a pool of cash that can be used to reimburse investors in cases where the borrower fails to repay. may also receive compensation if you click on certain links posted on finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. decisions. Here’s where you can get the best 0% purchase credit cards, and how you can get the best use out of your card. Since the outbreak of Covid-19, 6pc of RateSetter borrowers have requested a payment holiday and are no longer repaying their loans. Our calculator lets you pick how much you want to borrow, over a timeframe that suits you, to estimate how much you would pay back each month and overall. RateSetter’s minimum and maximum personal loan amounts and terms. RateSetter withdrawal requests returning to normal levels, FCA expects a “significant” number of firms to fail in the months ahead, Funding Circle to provide top-ups under BBLS, Propio plans P2P launch by the end of 2020. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing.